Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2022 (8) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (8) TMI 995 - NATIONAL COMPANY LAW TRIBUNAL , JAIPUR BENCHDissolution of Corporate Debtor - Section 54(1) of Insolvency and Bankruptcy Code, 2016 read with Rule 11 of National Company Law Tribunal Rules, 2016 and Regulations 45(3)(b) of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 - HELD THAT:- It is noticed that since there is no possibility to continue the liquidation process of the corporate debtor in the absence of any assets/documents/records and personnel of the corporate debtor, it is just and equitable to allow the prayer of the Applicant. Furthermore, there are no pending litigations against the Corporate Debtor. Consequently, it is not only just and equitable, but also necessary as no sale proceeds are available to satisfy the creditor's dues(s). The present case falls within the parameters of Regulation 14 of Liquidation Regulation and is a fit case for Order of dissolution--the Corporate Debtor M/s. Digicontrol Northern Pvt. Ltd. stands 'Dissolved' from the date of this Order. Since the Company stands Dissolved vide this Order and no proceedings are pending, the Registry is directed that the case file be consigned to records - application allowed.
|